This post is brought to you by the Ministry of Finance.
Youths are the future of our nation, and as such, the Government has committed to helping them realise their potential. One of the biggest challenges faced by Malaysian youths today is coping with the rising cost of living. To lessen their burden, the Government launched various initiatives under Belanjawan 2023 to provide relief, especially for the more vulnerable ones.
There’s something for every youth, regardless of their socioeconomic background or geographical location. Here’s a quick overview of the initiatives to help those eligible get an idea of the benefits offered.
Financial aid for youth entrepreneurs
Bank Negara Malaysia (BNM), Bank Simpanan Nasional (BSN), and Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN) are providing financial assistance with funds totalling RM1.7 billion to micro-entrepreneurs and small businesses. Out of that total amount, RM300 million has been allocated to support micro-businesses by youth and women.
Meanwhile, TEKUN has pledged RM10 million to support youths from underprivileged backgrounds by providing capital to venture into delivery services using motorcycles.
As such, the Government will also cover the cost of the driving tests for class B2 motorcycle licences for B40 youths, as well as licences for taxis, buses, and e-hailing for gig workers.
Immediate discharge for bankruptcy cases
To give youths a second chance to contribute back to the nation’s economy, the Government will be amending the Insolvency Act 1967 to allow for bankruptcy cases to be automatically discharged quickly.
Meanwhile, youths who are involved in minor bankruptcy cases involving debts of less than RM50,000 that fulfil the criteria will be immediately discharged starting 1st March 2023.
Jobs with respectable wages for TVET graduates
Despite 90% of Technical and Vocational Education and Training (TVET) graduates being able to secure a job, data shows that a high percentage of them earn only around RM2,000 a month.
In order to provide the graduates with higher pay, the Government intends to train TVET graduates by collaborating with industry players, with a target involvement of 50 companies, especially among Government-Linked Companies (GLC).
The operations of TVET institutions like community colleges, industrial training institutes (ILP), and National Youth Skills Institutes (IKBN) will be partially or fully managed by these companies to provide training programmes that meet their needs.
This reform will harness Government resources more effectively to produce TVET graduates that are industry-ready.
Subsidising upskilling programmes
RM40 million is allocated to helping Malaysian youths undergo micro-credentials upskilling programmes. The government will cover up to RM2,500 for short course studies at IPTA or IPTS, and up to RM4,000 for professional certification and micro-credentials in training fees for youth and gig workers to undergo upskilling programmes. The Government hopes this will encourage the youths to improve their capability and skills to earn more lucrative income.
For active gig workers who take up this opportunity, an allowance of RM300 will be given for three months as a replacement income while they undergo the training programmes.
Career opportunities in GLCs
Based on a survey conducted by the Government, the unemployment rate in February 2023 rose to 3.5% compared to 3.3% during the pre-pandemic period in 2019. Meanwhile, the youth unemployment rate is still above 10% for those aged 24 and below.
Therefore, to help youths get a start in their careers, GLCs will offer 35,000 job opportunities to graduates, most of which are expected to be taken up by youths. The same opportunity is also extended to school leavers.
e-Tunai Belia Rahmah
Last but not least, the Government has allocated RM400 million for e-Tunai Belia Rahmah. Under this initiative, Malaysian youths aged between 18 to 20 years old or full-time IPT students will get a one-off RM200 credited to their eWallet account to be utilised for offline transactions by the end of this month.
With Belanjawan 2023, the Government has given its commitment to youth empowerment. So if you qualify for any of these initiatives, go ahead and seize the opportunity in front of you. The application process is straightforward and user-friendly with the financial assistance being swiftly made available for those who qualify.
For more information on these initiatives and other measures offered by the Government to the rakyat, visit www.budget.mof.gov.my/manfaat.
